MTD for VAT extension set for 2022/23

Making Tax Digital

 

Making Tax Digital (MTD) is set to expand to all VAT-registered businesses from April 2022, the Treasury has announced.

 

Since April 2019, VAT-registered traders with annual taxable turnover above £85,000 have been submitting VAT returns through MTD.

 

 

From April 2023, the Treasury expects MTD to cover all unincorporated businesses and landlords turning over more than £10,000.

 

Around four million unincorporated businesses and landlords with annual turnover exceeding £10,000 a year stand to be drawn into MTD.

 

This new urgency has been driven by the difficulty of implementing support measures for business during COVID-19 without comprehensive data.

 

Lentells are able to work with you ensuring you are fully prepared for the introduction of Making Tax Digital. As QuickBooks Platinum ProAdvisors we can recommend the best package for your business and provide on-going support and training.